Daily Review: July 26, 2012

The central Bank of New Zealand decided to keep the interest rate at unchanged at levels of 2.50%,

This decision came out compatible with the forecasts of the analysts, that were predicting same level.

This statement came because of the implications of European sovereign debt crisis and after threats to cut the credit rating of Germany's largest economic poles in Europe.

In the U.S the new reading of the home sales for June has been increased by 0.7% which indicates the value of 372,000,less then expected.

Rebound in consumer confidence in Italy unexpectedly from a record low, despite the economic storm that occurs in particular the European economy and the global economy in general, due to speculation that the European debt crisis deepens for most of it, was the index during July to 86.5 compared to the previous reading, which amounted to 85.4 and to the best of expectations at 85.0.

It should be noted that the Italian economy shrank in the second quarter, the third consecutive quarter in light of the worsening debt crisis austerity policies adopted by Prime Minister Mario Monti make the Italian economy experienced a significant slowdown in activity.

European stock markets closed higher after a warning that Britain's economy shrank sharply in the past three years, and after a sudden drop in new home sales in the United States. The fears that the Spanish government will need to complete a rescue plan which led to a decline in key indicators after the heights achieved during the trading day are continuing.

FTSE 100 Index closed with a decrease of 0.91 points, or 0.02% to close at the level of 5498.32 points.

Germany's DAX rose for 16.11 points, or 0.25% to close at the level of 6406.52.

French CAC 40 rose for 7.06 points or 0.23% to close at the level of 3081.74.

Wall Street closed with mixed candles, S&P500 fell for the fourth consecutive day, due to falling home sales in the United States. Technology shares fall after reporting disappointing financial giant of Apple technology. The Dow Jones during the trading session on Wall Street got decreased for 58.73 points, or 0.47% to close at level of 12676.05.

Decline in the S & P 500 SPX, which includes the largest 500 U.S. companies as much as 0.42 points at a rate of 0.03% to close at 1337.89 points, levels. The Nasdaq Composite Index, got decreased for 8.75 points or 0.31 % to close at the level of 2854.24.

DOW 0.47% ↑ S&P 0.03%↓ NSDQ 0.31%↓

EUR/USD

The pair is currently trading at 1.2144 witch is a decrease of 0.11% in writing.

The pair may find support at 1.2050 resistance at- 1.2052..

In yesterdays trading the dollar went down slightly against the yen, with USD/JPY trading down 0.02% at 78.15, and up against the Swiss franc, with USD/CHF trading up 0.12% at 0.9892.
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USD/GBP

The Dollar, in yesterdays trading , got increased only against the pound

GBP/USD is trading with a decrease of 0.12% at the level of 1.5479.

Resistance levels were found at 1.5533 dollars a per pound , lower price indicates a downward trend.

In yesterdays trading the pair reached the highest level at 1.5549 and the lowest level at 1.5457 dollars a pound to finish the trading session in the level of 1.5496.
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Gold

Gold price found new levels of support in 1583.32, if the price remains above these levels indicate upward trend.

In yesterdays trading the precious metal achieved the highest level at 1610.28 while the lowest level at 1578.51 U.S. to close the session in the level of 1604.54.

WTI

Oil found new support levels at 87.80 dollars a barrel, if the price stays above these levels indicate upward trend.

U.S. light crude futures in New York Mercantile Exchange (NYMEX) closed at levels of 88.97 dollars a barrel, after falling from a peak of 89.32 dollars per barrel, and touched the lowest level of 86.84 dollars per barrel.

Later Thursday, the U.S. will release official data on durable goods orders, a leading indicator of production, as well as data on pending home sales and initial jobless claims.